Constitution of the Technical Consultative Committee for Financial Markets (TCCFM)
RBI - Press Releases · Published 4 November 2026 · Last updated
The RBI constituted the Technical Consultative Committee for Financial Markets, chaired by the Deputy Governor (FMRD), to institutionalise quarterly structured engagement with industry leaders on money, G-Secs, forex, and derivative markets.
Key points
- The Reserve Bank of India (RBI) constituted the Technical Consultative Committee for Financial Markets (TCCFM) pursuant to its Statement on Developmental and Regulatory Policies dated October 7, 2026.
- The committee serves as a formal forum for structured engagement between the central bank and market participants on policy and operational issues in money, government securities (G-Sec), and foreign exchange (forex) markets, alongside their respective derivative segments.
- The TCCFM is chaired by the Deputy Governor in charge of the Financial Markets Regulation Department (FMRD) of the RBI.
- The committee includes seven external market leaders and experts, representing domestic commercial banks, foreign banks, market infrastructure institutions, academia, and market associations.
- Key members include Shri Ananth Narayan (former Whole Time Member, SEBI; Professor of Practice, IIT Bombay) and Shri Shamsher Singh (Chairman, FIMMDA; DMD, State Bank of India).
- Institutional members include Shri Nand Kishore (MD, Clearing Corporation of India Limited) and Shri Ridham Desai (MD, Morgan Stanley India), bringing domestic clearing and foreign institutional perspectives.
- Commercial banking treasury heads on the panel comprise Shri Neeraj Gambhir (Executive Director, Axis Bank), Shri Shailendra Jhingan (ICICI Bank), and Shri Aditya Bagree (Citibank India).
- The panel's Terms of Reference mandate examining market liquidity, efficiency, resilience, and measures to deepen and broaden debt, currency, and derivative markets.
- The committee is tasked with reviewing trading, clearing, settlement, and reporting infrastructure, alongside associated operational frameworks and unintended market frictions arising from RBI measures.
- The TCCFM is mandated to convene meetings at least once a quarter to assess macroeconomic risks, financial innovations, and international market developments.
Background
- October 7, 2026: The RBI first flagged the operational need for an institutional consultative body in its Statement on Developmental and Regulatory Policies.
- Rapid expansion of Indian sovereign bond markets and foreign portfolio integration necessitated continuous surveillance of clearing and settlement systems.
- Global volatility in currency and interest rate derivative markets highlighted operational frictions in domestic liquidity transmission.
- November 4, 2026: The Reserve Bank officially notified the constitution, leadership, membership, and Terms of Reference for the TCCFM.
UPSC relevance, Prelims facts and Mains angle for this issue are in the full SWAदेSH note.
Original report: RBI - Press Releases